The Forced Registration of Hedge Funds in the United States

This paper recounts the history of hedge fund regulation in the United States over the last century, including Congressional legislation as well as legal cases mounted both by and against the Securities and Exchange Commission. Traditional arguments for and against hedge fund regulation are mentioned. The essay argues that neither hedge funds nor their managers should be regulated—directly or indirectly. Rather, financial or trusted advisors who recommend these products to investors should bear the regulatory burden